Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The textile company Facontrofa announced its closure in Vila Nova de Famalicão due to financial difficulties. Although the company received the financial support from IAPMEI (Institute for the Support to Small and Medium Enterprises and Innovation) which injected two million euro to pay off debts, Facontrofa declared bankruptcy in May 2010. This decision forced the closure and the dismissal of 300 workers. Most of them worked in the factory, located in Vila Nova de Famalição, and the remaining were employed in 25 different shops. The bankruptcy was blamed on decreasing demands and the difficulty to find financial partners to continue the business.
Eurofound (2010), Fancotrofa, Closure in Portugal, factsheet number 70796, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70796.